Bitcoin and crypto in Russia: plans for a state exchange abandoned

No centralized crypto exchange – Despite the reluctance of the Central Bank of the Federation of Russiathe Russian government wants progress in its adoption of digital assets. Indeed, a month ago, announcements were made on the authorization of cross border crypto payments and likewise on the establishment of a legal framework for bitcoin (BTC) miners. A exchange project national cryptocurrency had also been mentioned. Even if the latter now seems abandonedcrypto exchanges could greatly gain in diversity.

No state exchange, but a multitude of crypto platforms

Thanks to its abundant and inexpensive sources of energy, the Russia is one of the countries that have always attracted miners cryptocurrencies based on consensus by Proof of Work (PoW), mainly including Bitcoin of course. The Russian government, for its part, has accelerated its exploration of the potential of crypto-assets, in particular for get around even more easily penalties American and European.

According to a publication of the local newspaper Izvestia on May 29, 2023, the decision makers would have recently changed their plan about their project major national cryptocurrency exchange. The latter had been envisaged in November 2022, within the framework of a bill discussed by Russian parliamentarians.

But according to the latest information, the State Duma (equivalent to the National Assembly in France) would have abandoned this unique crypto exchange project. Instead, it is planned to establish a legal framework so that several trading platforms cryptocurrencies can be easily created, instead of just one.

What future for Bitcoin and cryptocurrencies in Russia?

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Russia: a future “crypto-paradise” for digital asset traders?

According to comments fromAnatoly Aksakovhead of the State Duma’s Committee on Financial Markets, these multiple crypto platforms would be intended in particular “to ensure cross-border money transfers”. This including, he specifies, for the “circumvention of sanctions restrictions” of the United States and its allies.

These licensed crypto-asset exchanges could start to appear from 2024. Crypto actors strangers could even fall within the framework of this legal system, with, however, increased requirements about the cyber security and at the privacy personal data of Russian customers.

In the initial legal framework, these crypto platforms should be geared towards companies and others institutional. Mainly for cross-border exchanges. THE “unqualified investors” (understand most individuals) should not be affected by these specialized exchanges. At least, initially.

If the regulations cryptocurrencies is accelerating in Russia, it is in particular because the Slavic country no longer really has any other choice. Indeed, classic crypto-exchanges, such as Binanceare literally harassed by the judicial extraterritoriality of the United States, at the slightest suspicion, even vague, of serving Russian customers. As with many previous sanctions, the Russian nation is thus pushed to develop their autonomyeven when it comes to cryptocurrencies now.

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